Peter Mathews (Dublin South, Fine Gael) | Oireachtas source

Yes, but indexation works with the economy.

I am a little concerned about conflicts of interest. The NAMA divisions in the IBRC, AIB and Bank of Ireland comprise 200, 200 and 100 people, respectively, and I note the accounting firms also have NAMA divisions. My concern about accounting and legal firms is that those firms which are doing work for NAMA have partners within them which also are partners in NAMA loan clients. They may not be identical persons, but one should remember the partners are jointly and severally liable for their firm's business in their professional firms, as well as being jointly and severally liable, unless they contract out of it, for their property development and investment interests. I am aware of firms which have partners which are partners in investment partnerships which are clients of NAMA. Perhaps this is not direct but through crossover liabilities and exposures. I am somewhat concerned that this is akin to the information leakage dangers in the agency.

The break-even projection on a ten-year lifespan is grounded on the expectation of a sustained recovery in the economy and the banking sector over a medium-term horizon. NAMA is confident that this will produce the modest recovery in Irish commercial and residential property prices that the agency will require to achieve the primary commercial objectives which have been set for it by the Legislature. Some observers state we are bouncing along the bottom in the economy. I suggest we are wobbling along the bottom and unless there is major debt relief across the economy in respect of the three elements of national debt, household debt and corporate debt, we could even sink further. That is my reading of it and my question is whether the delegates agree. Are there points I have mentioned that they think require clarification?